Abby Cohen and other Wall Street "strategists" have remained bullish on the market and economy no matter what. She seems to think even interest rate hikes won't slow down the stock market or the economy. It's nuts. This is one of my favorite quotes from her:
NEW YORK 2000-04-17(CNNfn) - Abby Joseph Cohen, one of Wall Street's most influential strategists, reassured investors Monday that they should not be put off by recent market volatility -- and should hold on to stocks because growth remains strong. In a note to clients, the Goldman Sachs investment strategist left unchanged her targets for the S&P 500 and the Dow Jones industrial average, forecasting gains in the months ahead -- just one trading session after those indicators plummeted.
Cohen sees the S&P jumping to 1,755 by year-end, a 7.2 percent annual gain. The Dow is forecast to finish 2000 at 12,600, a 10 percent jump for the year. Her S&P target for spring 2001 is 1,625, up 20 percent from current levels.
In keeping her targets unchanged, Cohen said Wall Street's recent selloff had nothing to do with changing fundamentals, such as earnings, inflation and Federal Reserve policy, Cohen said. Instead, she blamed the rout on "market factors," a reference to psychology and momentum |
